Life Insurance

Empire Solutions

Having the appropriate amount of life insurance is a critical part of everyone’s financial, family, and retirement planning. Life insurance benefits are generally received federal income tax-free and can be used to replace lost income for family members, pay for children’s education, pay off debts, taxes, and other estate expenses. Having an adequate amount of life insurance ensures that you do not create a burden for your family in the event of an untimely death. For example life insurance can help assure that a surviving spouse and children are not forced to sell their home, spend college tuition savings, or use retirement funds to pay for living expenses. Life insurance is also used as the pillar of many estate plans, whereby the life insurance proceeds are used to pay estate taxes, probate expenses, and even to create a substantial legacy for your children, grandchildren, or favorite charitable cause.

How Much Insurance Do I Need?

Your future potential income can be considered your family's most valuable asset because it allows you to meet the future living expenses and needs of your family. If you were to pass away your family’s living expenses are not going to go away and those who are financially dependent upon you will still be required to meet those financial obligations. Your need for life insurance and the amount required will depend on your personal and financial circumstances. If any of the following statements applies to you, you should speak to a licensed professional regarding life insurance:

You have a spouse.

You have dependents.

You have a mortgage or other outstanding debts.

Your retirement pension and savings are not enough to insure your spouse's future against a rising in the cost of living.

You have a large net worth/estate.

You own a business or are a partner in a business.

You have an aging parent or disabled relative who depends on you for support.